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Property prices falling in Dubai

Property prices in Dubai fell by 4 per cent in the second quarter of 2018, new figures show.

According to Asteco’s latest Dubai Real Estate Report, the decline in apartment sales was most prominent in Dubai International Financial Centre (DIFC), Discovery Gardens and Dubai Sports City. In each of these location prices fell by 6 per cent from the first quarter.

The highest quarterly drops in villa sales prices were observed in Jumeirah Park (8 per cent), Arabian Ranches (5 per cent) and The Springs (5 per cent).

Year-on-year, property prices in the emirate have now plummeted by 11 per cent, Asteco’s data reveals.

The company’s findings show that it is mid-to-high-end properties in the emirate city that are really struggling to maintain their values.

“Generally, new developments focused on the affordable segment, resulting in a marginally more noticeable quarterly drop in sales prices at 5 per cent, compared to 3 percent for mid- and high-end properties,” said John Stevens, Managing Director of Asteco.

The second quarter saw the launch of several new residential developments in Dubai launched, including Amaranta 3 and Tilal Al Ghaf Phase 1 in Dubailand, as well as Zawaya – a mixed-use community in Motor City, and Belgravia Heights I & II in Jumeirah Village Circle (JVC).